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The Impact of Artificial Intelligence in Business

 

Whether you like it or not, the impact of Artificial Intelligence has become increasingly noticeable. Companies all over the globe are implementing forms of Artificial Intelligence and Machine Learning that are impacting our lives in more ways than one. Amazon’s personal assistant “Alexa” is an example of conversational AI that allows humans to interact with a machine simply by using the languages we already know. Amazon is not the only company using this type of AI. In fact 61% of businesses in 2017 have implemented some sort of AI, which is up from only 38% in 2016.

This constant increase is inevitably going to keep rising, which gives companies the ultimatum: adapt or fall behind.

Although many people are skeptical about AI’s impact on unemployment in the workforce, with more advancements in technology it has become evident that it’s positives outweigh the negatives. Rather than replacing humans, machine learning will amplify our skills and make business processes that much more fluid. In the recruitment and software spectrum AI aspects are already paying dividends. Features such as initial resume scans that expedite the first stages of the recruitment process have lifted an enormous weight off hiring managers who are used to the monotonous duty of reviewing hundreds of unfit candidates. In this case, rather than replacing humans and taking jobs, AI will ultimately work together with humans to make the most beneficial impact.

By automating the monotonous tasks in business, workers will have more time to focus on increasing productivity leading to more revenue and higher performance. Although there are some risks to Artificial Intelligence such as privacy and some unemployment, there is no denying that machine learning is the way of the future. With new algorithms being implemented into AI, smarter faster data driven decisions will be made to optimize business performance and production. A wise man once said “work smarter, not harder” and with machine learning and artificial intelligence, the smartest types of work decisions will be made.

Spencer Pereless